China Copper to become Chihong Zinc & Germanium's direct parent

Yunnan Metallurgical Group, a wholly-owned subsidiary of China Copper, is transferring its entire 38.57% stake in Yunnan Chihong Zinc & Germanium to China Copper. This will make China Copper the direct controlling shareholder, while the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) under China Minmetals Corporation. The cashless transaction aims to optimize state capital allocation and operational efficiency.

The transfer is considered an internal transaction within the same actual controller, exempting it from tender offer requirements. China Copper and China Aluminum Group will collectively hold 40.55% of Chihong Zinc & Germanium's total shares post-transaction. The deal, approved by China Aluminum Group on November 26, 2025, requires Shanghai Stock Exchange confirmation and completion of share registration.

Both China Copper and China Aluminum Group have committed to maintaining the independence of Chihong Zinc & Germanium and avoiding new horizontal competition. No changes to the company's main business, asset restructuring, personnel adjustments, or amendments to the articles of association are planned for the next 12 months.